19 Nov 2008

Heavy writedowns posted by Macquarie Group

12:35 pm on 19 November 2008

Australasian investment bank Macquarie Group has posted a 43% slide in first-half profit due to heavy writedowns.

Macquarie made a profit of $A604 million for the six months to the end of September, compared to $A1.1 billion a year earlier.

The half-year profit result was hit by substantial one-off costs and write-downs of more than $A1.1 billion.

Macquarie also indicated it was heading for its first fall in annual profit in 17 years.